Pilgrim’s Pride Corporation (NYSE:PPC), Tyson Foods, Inc. (NYSE:TSN) – US DOJ Surveys Poultry Companies on Employment Practices: Report

  • The United States Department of Justice has launched an investigation into whether poultry companies engaged in anti-competitive sharing of employment practices, The Wall Street Journal reported.
  • The move adds to the scrutiny U.S. meat processors face from the government and their workers for keeping wages down.
  • The report noted that the ministry had put at least some companies on legal notice to keep the documents.
  • Pilgrim’s Pride Corp (NASDAQ: PPC) recently disclosed in a regulatory filing that it learned on February 9, 2022 that the DOJ had initiated a civil investigation into human resources antitrust matters. The company plans to cooperate when a CID is served.
  • Other major companies in the sector include Tyson Foods Inc (NYSE:TSN) and Sanderson Farms Inc (NASDAQ: SAFM).
  • The Biden administration has alleged that the US meat industry is using its scale to inflate Americans’ food bills.
  • Price action: PPC shares are trading down 4.66% at $23.13, TSN down 1.49% at $93.92 and SAFM down 0.92% at $177.50 when last checked on Friday .

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